XAUUSD with a possible bearish continuation
XAUUSD is looking like a HOT seller today.
Price action has created a potential bearish continuation, which needs to break out of the blue trend line for further confirmations, but we decided to go short after numerous rejections of the 61.8% fib level from the recent price action high to low.
The Risk Reward is very solid even at TP1, but we are pushing for TP2 as we could see the previous strong resistance, now a support, act like a magnet for the profit-taking of the ALL TIME HIGH Gold has reach recently.
In anycase, we like to trade to make money, and not just for the ego of being right... so if this setup fails we will look to go long (if there are valid confirmations to go long)
As you can see... we keep it short unlike our Elliot Wave friends who like to right books about a trade.
"Successful trading is simple, not rocket science."
Price action has created a potential bearish continuation, which needs to break out of the blue trend line for further confirmations, but we decided to go short after numerous rejections of the 61.8% fib level from the recent price action high to low.
The Risk Reward is very solid even at TP1, but we are pushing for TP2 as we could see the previous strong resistance, now a support, act like a magnet for the profit-taking of the ALL TIME HIGH Gold has reach recently.
In anycase, we like to trade to make money, and not just for the ego of being right... so if this setup fails we will look to go long (if there are valid confirmations to go long)
As you can see... we keep it short unlike our Elliot Wave friends who like to right books about a trade.
"Successful trading is simple, not rocket science."
Trade closed: target reached:
Take Profit 2 was reached. We are done with selling.
We are holding to TP#2